When the Seattle Seahawks and Denver
Broncos take the field in New York—well, technically, the swamps of New Jersey—for
Super Bowl XLVIII, millions and millions of dollars will hang in the balance. How
much money are we talking? Last year's Super Bowl generated nearly $100 million
in wagering in Nevada alone (and who knows how much is being bet in the wild west of online sports books). Oddsmakers predict betting on this year's edition will eclipse the
$100-million mark, making it the most bet-upon sporting event in modern
history.

In many ways, Super Bowl gambling has
become a microcosm of how enormous and peculiar America's favorite sporting
event has become. The wagers, like the game, are no longer just about winning
and losing. Everything surrounding it is its own story to be picked apart.

In other words, money can be won on some
pretty odd shit.

Last year, roughly 30 percent of the action was on proposition
bets, or props, which offer the opportunity to bet odds on one specific aspect
of the game—from MVP to the number of receiving yards Wes Welker will have. But
it's the off-the-field props that prove most interesting, like betting on
whether the National Anthem singer will wear gloves and what color Gatorade the
winning team will pour on its coach.

Most gambling experts credit a 1985 Super
Bowl prop bet on whether William "The Refrigerator" Perry would score as the event
that set all this in motion. "The [Perry] odds changed everything," remembers
Jason McCormick, director of race and sports at Red Rock Casino Resort &
Spa. Since Perry's (in)famous end-zone plunge, oddsmakers have gotten increasingly
creative with their props—especially in online books, which are governed by
different (read: more lax) laws.

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As such, we've consulted with some of Vegas'
top bookmakers, professional gamblers and online sports books for insight into
our favorite Super Bowl props. Even if you don't plan on gambling, their take
on the Super Bowl doubles as a great viewers' guide for the game.

Try to Make Heads or Tails of ItToo many betting "experts" (we're looking
at you, Bill Simmons) fall prey to magical thinking—they believe certain teams
have to win because teams in their situations (say, road underdogs) always win
on a certain stage. The truth: Every game—and every wager—is an independent
event. Nowhere is this more evident than with the even-money prop about the
pre-game coin flip, which has come up heads for the last five Super Bowls. Does
this mean this year's will be tails? Here's a hint: It's 50/50.

Who
Will Score the First Touchdown?It's the prop that gets the most action
from the general public. This year, the favorites are Marshawn Lynch for
Seattle at 9/2 and Demaryius Thomas for Denver at 4/1. The Lynch bet seems to
be the most sensible; he has scored three of the Seahawks' four touchdowns in
this year's playoffs. Seattle's WRs aren't that enticing because quarterback Russell Wilson reserves his heroics for late in the game (his
last four TD passes have been in the fourth quarter). All that said, longshots tend
to hit, like last year, when Anquan Boldin cashed in on 17/2 odds. And in Super
Bowl XLI, the first TD bet accounted for one of the costliest props ever (for
the books at least) when Chicago Bears return man Devin Hester took back the
opening kickoff for a touchdown despite 25/1 odds.

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Do
the Safety DanceSafeties don't happen that frequently over
the course of an NFL season—there were just 20 in the league this year over 256
games. In a statistical oddity, however, the defense has forced one in each of
the last three Super Bowls. This trend has affected odds accordingly; odds on a
safety were around 10/1 in 2011 and had dropped to 8/1 by last year. This year,
most books hung odds at 7/1 or 6/1. "If you believe that these things run in
trends, this could be a really smart bet to make," says Jay Rood, MGM Resorts'
vice president of race and sports.

Will
America's Favorite Cornerback Get a Taunting Penalty?You can win $400 on a $100 bet if you say
yes, but Richard Sherman doesn't have beef with Wes Welker like he does with Michael Crabtree.
At least we don't think he does.

A
Sure Thing From On HighWith competitors from Washington and
Colorado—the only states to officially legalize marijuana—this particular
matchup could be called the Ganja Bowl. So much so that oddsmakers at Bovada have
translated this concept into a betting line. Earlier this week, the site was
offering a prop on whether the announcers would say the word "marijuana" during
the game. A $100 bet on the affirmative could net you $350 if they do. That's
enough dime bags to get slapped with an intent-to-distribute charge.

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The
Rockets Red GlareThe National Anthem always generates action
on the prop board, and this year should be no different. One hiccup: opera
singer Renée Fleming, the surprise
choice to sing it. Kevin Bradley, sports book manager at Bovada, describes the
classically trained vocalist as "a bit of an unknown with not too much past
anthem information to go off of." And so, he admits, "It wasn't easy to set a
line." Case in point: the total running time for the anthem is 2 minutes and 25
seconds, a whole 15 seconds more than the average for previous years. "We felt
that since she is an opera singer, she will be more likely to take her time and
drag out notes," he explains. In 2011, many online bettors griped when anthem crooner
Christina Aguilera fumbled some words, insisting that their (losing) wagers be voided.
But don't let that history deter you. When oddsmakers admit weakness, it's time
to pounce.

Will
Any Members of the Red Hot Chili Peppers Perform Shirtless at Halftime?Easy money.

You
Can Cash In If Knowshon Moreno CriesAfter crying freakishly huge tears
during a game at Kansas City in early December, Denver RB Knowshon Moreno
established himself as the most sensitive man in the NFL. Bovada bookmakers
have responded with a related prop, offering significant odds (+400 for yes;
-700 for no) if he breaks down during the national anthem. Considering the stage,
and that Sports Illustrated's Tim Layden reports
the KC cry wasn't a one-off event, wager on waterworks.

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Betting
on 'Omaha!'Manning has put Omaha, Nebraska, on the map
during this year's playoffs, working the city's name into his snap count in
wins over San Diego and New England. Against the Chargers, he barked it 44
times and drew five offside penalties. A week later, against the Patriots, he
yelled, "Omaha" 31 times, but couldn't get opposing linemen to budge. For
Sunday's game, Bovada has hung the "Omaha" total at 27.5, and Bradley says more
than two-thirds of the action has been on the over. Our advice: Beware. Because
the "Omaha!" strategy didn't work against the Patriots, Manning might have
thought of a new snap count word (Missoula? Topeka?), so he might not give a shout
out to Nebraska at all.

Total
Number of Times Joe Buck says "Polar Vortex"No one has posted lines yet. But we'll put
the over/under at 7,000.

Total
Number of Times Troy Aikman Goes Dead Silent, Not Understanding What "Polar
Vortex" MeansAs many times as Buck says it. If available, parlay with your
previous bet to maximize profits.

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Want
to Win Big? Bet On Something Other Than the Super BowlHere's a secret about Super Bowl Sunday:
Oddsmakers put so much energy into odds and lines for the Big Game that they
often overlook basic lines on different games in other sports. This means that
most bettors can get good value from wagering on at least one non-football
contest—especially if they do their homework. This year, alternate pickings on
the pro circuit are slim: Orlando plays Boston in the NBA, while NHL matchups
pit Detroit against Washington and Winnipeg against Montreal. College
basketball provides a host of what are likely to be more "bettable" options,
especially if you look at underdogs to cover in the first half on the road.

What,
You Didn't Think We'd Tell You Who'd Win?The odds-on favorite for this weekend's big game
depends on a) whom you ask and b) when you ask them. Immediately following the
NFC and AFC championship games, in most books the early pick was Seattle, which
had a 1-point edge. But as the first few days of betting came in, the odds
swung the other way sharply, settling on Denver as a 2.5-point favorite. Word
on the street is that most early betting comes from "sharps" and "Wise Guys,"
both of whom are anticipating that Peyton Manning will tie his brother's Super
Bowl total on Eli's home field. Our take? They don't call 'em "wise" guys for
nothing—pick the Broncos.